Oslo Børs VPS Holding ASA 4th Quarter 2008

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2 Oslo Børs VPS Holding ASA 4th Quarter January 2008

3 Overview

4 Fourth quarter highlights Letter of intent for strategic co-operation with the London Stock Exchange Considers Central counterparty (CCP) arrangement for shares Somewhat lower level of market activity Goodwill and system write-down of NOK 376 million Higher amortisation due to change in amortisation periods Proposed dividend of NOK 5 per share Operating revenues: NOK million (proforma 321.8) Operating profit before depreciation and write-downs: NOK million (proforma 189.1) Operating profit: NOK million (proforma 169.1) Earnings for the period: NOK million (proforma 128.2) Earnings per share: NOK (actual 2.97/proforma 2.98) 4

5 The market activity in fourth quarter Compared to Q407 Q308 Equities Number of transactions 35% 10% Equities Value of turnover -50% -30% Settlement Number of transactions 40% 17% Derivatives Number of exchange traded contracts traded and cleared -3% -1% Market data Number of end users 8% 3% 5

6 Events and activities in the fourth quarter New trading system under consideration CCP under consideration Link Up Markets Chi-X, Turquoise, Nasdaq OMX Europe and BATS Europe has started trading in Norwegian stocks Turbulent market conditions 6

7 Activities Evaluate the value chain and implement measures based on the evaluation Intensify market activities both locally and internationally Development and improvement of products in all areas Co-ordinated focus on the retail segment, including considering new system for fund products New trading systems Realise synergies 7

8 Activities 2009 Implement a new trading system Implement central counterparty arrangements for trading in equity instruments Improve the efficiency of operations and development Increased focus on strong sectors Further development of the derivatives area Increase revenue from value-adding services 8

9 Financial review

10 Important information This section of the presentation contains proforma financial information and historical financial information for periods in which VPS, Oslo Clearing and Oslo Market Solutions (part of Market Data and Solutions) were not a part of Oslo Børs VPS Holding Group. The numbers are derived from actual numbers for VPS, Oslo Clearing and Oslo Market Solutions and have been adjusted for differences between Norwegian GAAP and IFRS and depreciation of excess values identified in the purchase price allocation that has been prepared by independent financial advisers. 10

11 P&L 4th Quarter 2008 Proforma Proforma 4th Quarter 4th Quarter Change 31 Dec 31 Dec Change 4th Quarter Change 31 Dec Change in % in % in % 2007 in % Operating revenues % % % % Operating expenses Salary and other personnel expenses Other operating expenses Operating expenses before depreciati % % % % Depreciation Total operating expenses % % Operating profit % % % % Net financial items Ordinary pre-tax profit % % Tax Earnings for the period % % % % Earnings per share (NOK) -7,13 2, % 1,05 11,40-91 % 11,40 2, % 10,70-90 % Diluted earnings per share (NOK) -7,13 2, % 1,05 11,40-91 % 11,40 2, % 10,70-90 % 11

12 Oslo Børs 4th Quarter 4th Quarter Change 31 Dec 31 Dec Change in % in % Oslo Børs Operating revenues % % Operating expenses % % Operating profit % % Net operating margin 51 % 64 % 59 % 62 % Transactions up 35%, value of turnover down 50% 2 new listings in Q4 net decrease 5 Trading revenues down NOK 11 million Listing/admission/prospectus down NOK 16 million Market data down NOK 1 million Equities - number of transactions and value of turnover Market data - number of end-users Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q408 Trans (1000) Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q Value (NOK bill)

13 VPS ACTUAL PROFORMA 4th Quarter 31 Dec 4th Quarter 31 Dec VPS Operating revenues Operating expenses Amortisation and writedown Operating profit Transactions processed up 40% - revenues down NOK 3 million Investor products revenues down NOK 4 million Issuer products revenues down NOK 2 million Fund products revenues down NOK 3 million Writedown of goodwill NOK 250 million Number of trade transactions processed in VPS (1000) Number of VPS-accounts and owners of financial instruments in VPS Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q Q406 Q107 Q207 Q307 Q407 Q108 Q208 Q308 Accounts (1000) Owners (1000)

14 Oslo Clearing ACTUAL PROFORMA 4th Quarter 31 Dec 4th Quarter 31 Dec Oslo Clearing Operating revenues Operating expenses Amortisation and writedown Operating profit Reduction in revenues from all products Reclassification between revenues/costs Writedown of goodwill and systems NOK 87 million Derivatives - number of standardised contracts traded Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q408 Contracts (1000)

15 Oslo Market Solutions ACTUAL PROFORMA 4th Quarter 31 Dec 4th Quarter 31 Dec Oslo Market Solutions Operating revenues Operating expenses Amortisation and writedown Operating profit Increased internal revenues and costs Reduction in capitalising of internal resources Writedown of goodwill and systems NOK 39 million 15

16 Balance sheet Fixed assets 31 Dec 31 Dec IT-systems Customer relations Registrations Goodwill Deferred tax assets Tangible assets Financial fixed assets Current assets Market value outstanding derivatives positions Receivables Cash and cash equivalents Assets Equity Contributed equity Earned equity Total equity Liabilities Pension liabilities Debt to credit institutions Deferred tax liabilities Market value outstanding - - derivatives positions Current liabilities Equity and liabilities

17 Cash flow 4th Quarter 4th Quarter 31 Dec 31 Dec Cash flow from - operational activities investment activities financing activities Cash and cash equivalents at period's start Change in cash and cash equivalents Cash and cash equivalents at period's end Cash flow per share (NOK) 2,97 15,59 3,52 21,94 17

18 Equity 4th Quarter 4th Quarter 31 Dec 31 Dec Equity at period's start Profit for the period Dividends Increase of capital - merger Increase in value of financial instruments Purchase of own shares Actuarial gains/losses in the period Equity at period's end Equity ratio 67 % 52 % 67 % 52 % 18

19 (Price = 19) Share price 160 Oslo Børs Holding VS OSEBX Priceindex Oslo Børs Holding OSEBXPR (norm.) 19

20 Largest shareholders Name Nationality Holding Holding in numbers in percent 1. DNB NOR BANK ASA NOR ,15 % 2. KLP FORSIKRING NOR ,00 % 3. NORSK HYDROS PENSJONSKASSE NOR ,52 % 4. PARETO AS NOR ,47 % 5. LANDSBANKI ISLANDS ISL ,54 % 6. OMX AB SWE ,81 % 7. ORKLA ASA NOR ,20 % 8. ARENDALS FOSSEKOMPANI NOR ,64 % 9. STATE STREET BANK (NOM) USA ,42 % 10. STOREBRAND ASA NOR ,29 % 11. MSF MUTUAL FUNDS USA ,12 % 12. NORDEA BANK PLC (NOM) FIN ,05 % 13. UBS SECURITIES (NOM) USA ,93 % 14. FOKUS BANK NOR ,74 % 15. MUST INVEST AS NOR ,65 % 16. SUNDT AS NOR ,58 % 17. FRANKLING TEMPLETON LUX ,45 % 18. HAVFONN AS NOR ,41 % 19. PARETO SECURITIES AS NOR ,40 % 20. SPAREBANKEN VEST NOR ,28 % Sum 20 largest ,65 % Total number of shares ,00 % 20

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22 Breakdown revenues Oslo Børs segment Revenues per area Q Q Equity Markets Fixed Income Markets Derivatives Markets Financial Market data Other Total Oslo Børs Revenues per category Q Q Fixed fees- issuers Fixed fees - members Trading fees Prospectus and admission fees Financial market data Income from courses/seminars Other income Total Oslo Børs

23 Breakdown revenues VPS segment (proforma) VPS Q Q Investor products Issuer products Settlement products Fund products Other revenues Total VPS